PEZA hikes investment target

MANILA, Philippines - The Philippine Economic Zone Authority (PEZA) has revised upward its yearend growth target to 12-15 percent after a good first 10 months and successful investment missions to Northern Europe, Korea and Japan recently.

This is the second time PEZA has revised its target. Originally, PEZA was looking at a 10 percent growth from the P204.344 billion worth of investments recorded in 2010. After the first half performance, PEZA director general Lilia B. De Lima revised her target to 11-11-11 or 11 percent growth in investments, exports and employment.

Now, De Lima said they expect to overshoot the 11 percent growth in investments by the end of the year and will now record 12 to 15 percent growth. However, she noted that the 11 percent target for employment and export stays.

De Lima’s announcement came on the heels of successful investment promotion trips to Northern urope, Japan and Korea. De Lima refused to give details on who they spoke with saying only that she will disclose the investments once they are about to come in.

De Lima said countries in Northern Europe are interested mostly in manufacturing and information technology.

Based on the data given by Trade Secretary Gregory L. Domingo, PEZA investments for the first 10 months was at P117.205 billion. This was 26 percent better than the P93.041 billion recorded during the same period a year ago. For 2010, PEZA was able to attract P204.390 billion worth of investments.

Combined investments of the Board of Investments (BOI) and the PEZA went up 35 percent to P455.64 billion for the first 10 months of the year as businessmen continue to see the Philippines as a strong investment destination.

“The implication is we continue to exhibit strong investment interest in spite of the weakness in the global market,” Domingo said.

According to Domingo, investments from the two attached agencies of the DTI reached P455.6 billion from January to October this year. This is 35 percent higher than the P336.5 billion recorded a year ago.